Macquarie, the Australian banking group, is introducing a new 'pay-as-you-go' model for its equity research, in the latest sign of change sweeping the sector ahead of a regulatory deadline next year.

Currently, like most large banks, Macquarie offers equities research as an all-in-one service to which fund managers can subscribe through an enterprise license. This means that if a firm makes a single payment to the bank then all its staff can access all of Macquarie's research.